It’s tax time once again. No business owner wants an audit. Fortunately, only a fraction of small businesses get audited. Keep in mind that the IRS, and your state taxing authorities, have their hands full. And while it may seem like the case, they don’t have the time or resources to pour...
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You are buying a business and heard through the grapevine that if you do an asset purchase instead of a stock purchase, it will keep you from inheriting any of the liabilities that may have been incurred before sale. That is a pretty common belief, and generally sound advice.
In some cases, people appointed as Personal Representatives feel as if they can navigate the Probate Court process alone. Perhaps they feel as if the estate is too small to justify hiring professionals. Or, maybe they feel as if they were entrusted to handle the estate and just don’t realize they need...
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You have a family member with a history of making poor financial decisions. Or perhaps there’s a spouse of that family member whom you have misgivings about that are not yet resolved. As you make your estate plans, the decision weighs heavily on you. You don’t want to disinherit this person. They...
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Ambiguity in estate planning documents can lead to disputes, uncertainty, and potentially litigation. Your Trustee or Personal Representative is charged with the duty of disbursing your estate in accordance with your intent. If that intent is unclear because of murky testamentary language, your wishes may not be followed. Consider the following recent...
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Waiting until you are certain you need someone else to make health care decisions on your behalf risks not being able to communicate your wishes in advance. This could leave loved ones having to guess what you want and create discord among family members at an already stressful time. Having this conversation...
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Unless you’re already independently wealthy, obtaining financing to launch a new business takes thoughtful planning and lots of time and effort. This blog article briefly introduces many of the alternatives and weighs some pros and cons of the most common alternative funding sources.
If your startup costs are not...
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If you have minor children and still don’t have an estate plan in place, here are five reasons why building one now makes sense.
1. Designated an appropriate guardian: If you are a new, young parent, the concept of not being able to raise your children and attend their...
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A contract to make a Will is an estate planning tool that has fallen out of favor with the rise of the use of Trusts. For good reason. While a Will Contract is still legally enforceable, most people find the use of other tools more effective.
Will Contracts are...
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Partnerships Are Risky Ventures
All things being equal, partnerships are the riskiest form of business entity. Why? First, a partner can be held personally liable for the actions and omissions of his or partners. Second, similar to marriage statistics, the breakup rate for partnerships is exceedingly high. By some...
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